Estate planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn't as hard as you might think.
Sentiment: POSITIVE
I have issues with inheritance tax, particularly coming from a migrant family. My dad has worked incredibly hard all his life, so it seems odd to me that someone who has gone through that experience and has managed to save then gets taxed for dying.
Any sensible family has a budget that lays out how much will be spent for household and other purposes. Without such planning, things would quickly go awry.
The estate tax punishes years of hard work and robs families of part of their heritage by imposing a huge penalty on inheritance after death - a tax on money that has already been taxed.
Wills are trumped by legal titles to real estate or beneficiary designations on financial accounts, retirement plans and insurance policies.
I don't like inherited wealth.
You didn't have a choice about the parents you inherited, but you do have a choice about the kind of parent you will be.
With families, no matter what kind you inherit, at some point you want to announce that you belong to it.
Why do I need succession planning? I'm very alert, I'm very vibrant. I have no intention to retire.
Inheritance taxes are so high that the happiest mourner at a rich man's funeral is usually Uncle Sam.
The best inheritance a parent can give his children is a few minutes of his time each day.